Close Corporations Amendment Act 38 of 1986

The Close Corporations Amendment Act 38 of 1986 intends:

• to amend the Close Corporations Act, 1984, so as
  • to replace the designation of the Minister concerned;
  • to provide
    • that the founding statement of a close corporation shall be lodged with the Registrar of Close Corporations in triplicate; and 
    • that a copy of the certificate of incorporation of a close corporation shall be conclusive proof of incorporation of the corporation;
  • to provide for the lodging of an amended founding statement if the founding statement of a close corporation is altered by an order of court;
  • to delete the provision concerning the liability of former members of a close corporation for the outstanding liabilities of the corporation at deregistration; 
  • to provide
    • that the registration number of a company converted into a close corporation shall be stated on the certificate of incorporation;
    • that the consent in writing of a member holding a member's interest of at least 75 per cent, or of members holding together at least that percentage of the members' interests, in a close corporation, shall be required for certain acts;
    • that only members present at a meeting of members of a close corporation may vote at that meeting; and
    • for the date on which the first financial year of a close corporation converted from a company shall end;
  • to make further provision in connection with the nature and contents of the annual financial statements of a close corporation;
  • to further define the duties of an accounting officer of a close corporation;
  • to extend the period within which a liquidator of a close corporation is required to give security; and
  • to effect certain textual improvements; and
• to provide for matters connected therewith.

Commencement

23 April 1986